BFC Bulletins Monthly News Digest
Tags Artificial Intelligence Cryptocurrency Identification Money Laundering RegTech
Christian Visti Larsen (CEO at NewBanking ApS), Anastasia Dokuchaeva (head of partnerships at ClauseMatch) and Nathan Snyder (a partner at Brickendon) outlined their top trends for RegTech in 2018:
- Resolving identity/verification issues — a huge potential for saving on resources will drive innovations in this direction.
- Artificial intelligence for fraud detection — with artificial intelligence’s capabilities growing exponentially, it just makes sense to apply it in order to improve fraud detection capacities.
- Software to regulate cryptocurrencies — with cryptocurrency likely becoming more regulated, software will be needed for financial institutions’ anti-money laundering efforts.
- Moving to long-term, holistic RegTech solutions — the RegTech industry is starting to move past specific-rule solutions and into holistic approaches to compliance.
- RegTech becoming more than just a small part of FinTech — RegTech is a growing trend that is likely to become just as mainstream as FinTech.
- RegTech investment growth — investments in RegTech grew by 16% in 2017. This trend is expected to continue this year, with massive investments placed in RegTech startups. By 2020, global demand within the sector is expected to reach USD 118.7 billion.
- Increased data portability — although many companies seek to protect their data and isolate it from the outside world, the modern financial world is being built around using data from a myriad of sources to provide more competitive services.
- Regulatory impacts — regulatory environments are increasingly moving towards an individual-rights approach, giving customers more and more control over their data and how it used.
- Innovation — the key to staying competitive in the modern world is simple: stay ahead of your competitors in order to offer customers something unique and useful.
